Ian Wight has taken over as chairman of Cayman Finance, the organisation representing the financial services industry in the Cayman Islands. He replaces Richard Coles, who stepped down after two years at the helm of the association.
Mr. Wight, who runs his own consultancy practice, is well known within Cayman’s financial services community, having overseen accounting firm Deloitte in the Cayman Islands as a managing partner.
Outgoing Chairman Richard Coles said he is pleased that Mr. Wight has agreed to take on the role. “Continuous pressure on the Cayman Islands from onshore regulatory entities and governments means that chairing Cayman Finance is a very important job. I know that an individual of Mr. Wight’s calibre and expertise will take on this role with enthusiasm and successfully help lead the jurisdiction through the upcoming issues the industry faces,” he said. “I wish him the very best in his endeavours.”
Gonzallo Jalles, CEO of Cayman Finance, will continue to be the primary driver of Cayman Finance activities, but he anticipates a strong working relationship with Mr. Wight moving forward.
“Without a doubt, the industry faces several key challenges in the months ahead, not least of all the implementation of FATCA, the government’s signing of a Model 1 intergovernmental agreement and the possibility of government signing a similar agreement with the UK. These are all issues that will need careful analysis, for which industry will be seeking a leading role from Cayman Finance,” he said.
Mr. Wight has worked within Cayman’s financial services industry for more than 20 years. He has been an associate member of the Institute of Chartered Accountants in England and Wales since 1974 and a Fellow since 1981. He has been a member of the Cayman Islands Society of Professional Accountants since 1979. Most recently, Mr. Wight was appointed by the governor as a member of the Commission for Standards in Public Life.